Devon Energy to obtain almost $1 billion from asset sales

© Reuters. A pump jack operates at a well site rented by Devon Energy Production Company near Guthrie, Oklahoma

(Reuters) – U.S. oil and manufacturer Devon Energy Corp (N:-RRB- said it would sell assets in Texas for nearly $1 billion and that it was making progress on the sale of other possessions as part of its strategy to improve its finances through divestitures. Devon stated on Monday it would sell producing possessions in east Texas for $525 million and in Anadarko Basin’s Granite Wash location for $310 million. The company will also sell its royalty interests in the northern Midland Basin in the Texas area for $139 million. With these sales, Devon’s proceeds from divestitures of natural gas-focused assets would complete $1.3 billion, President Dave Hager said. “Proceeds for the entire divestiture program are well on their way to accomplishing our previously announced variety of $2 billion to $3 billion in 2016,” Hager said. The company said it expected to make a statement within the next a number of weeks on the sale of its 50 percent interest in Canada’s Access Pipeline, which brings heavy oil throughout northeastern Alberta. Devon also stated it was making progress toward selling more Midland basin assets that produced an average of 25,000 barrels of oil comparable each day in the first quarter. Jefferies LLC was Devon’s lead monetary adviser. RBC Richardson Barr also offered Devon financial suggestions, while Vinson & & Elkins LLP provided legal counsel. Disclaimer: Blend Media want to remind you that the data consisted of in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not supplied by exchanges however rather by market makers, and so prices may not be precise and may differ from the actual market value, implying costs are a sign and not suitable for trading purposes. Therefore Blend Media does n`t bear any responsibility for any trading losses you may sustain as an outcome of utilizing this information. Combination Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the details including information, quotes, charts and buy/sell signals contained within this website. Please be fully informed relating to the threats and costs connected with trading the financial markets, it is among the riskiest investment types possible.

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